till the end of the year it is necessary to choose the management company. Once again we remind, as under the law she should earn for us pribylv these October days the Pension fund at last has finished mailing notorious “ happiness letters “. And till the end of the year the future pensioners should solve: or to leave the means in the state management company, or to transfer in control of the private. Or, if do not arrange results of how money has been put up, on a broader scale cardinally to change the authorised representatives. Not important, private traders it or state managers. And we want to remind, as well as where under the law pension accumulation of Russians on a broader scale should be put. A state company or a private trader? The law and is called - “ About investment of means for financing of a memory part of labour pension in the Russian Federation “. Or, if to speak easier, - “ the Law on investment “. The pension fund after the citizen has chosen to itself a management company, should transmit there money due to it. According to the Ministry of Finance of the Russian Federation, about 75 percent of pension accumulation 2004 and the 2005 which have entered a current of fiscal year, are placed in rouble state securities. For the state management company, and for today it is Foreign trade and investment bank, enough severe constraints of investment are entered. It and is clear. One business private traders who can always plead. Another matter if something occurs to these accumulation the government on behalf of the state should respond on the full. In general, from the state other demand. And the risk here can be minimum. Therefore the Foreign trade and investment bank has the right to put pension accumulation only: - in the state securities nominated either in roubles, or in foreign currency, which already “ go “ in the market or are let out specially; - In mortgage securities, obligations on which are guaranteed by the state. And all. But at private management companies the choice is much wider: - all same state securities of the Russian Federation and subjects of the Russian Federation; - bonds and actions of the Russian companies created in the form of open joint-stock companies; - shares (actions and shares) the PIFS placing means in state papers of other countries, the bond and the action of the foreign enterprises; - money resources in roubles on an abacus in the credit organisations; - bank contributions to roubles; - foreign currency in banks. By 2014 - 3 bln. rublejv the Pension fund has passed the present to management companies, including state, accumulation 2002 and 2003. For December, 31st, 2004 cost of actives in which money of the future pensioners is put up, has made 94,706 billion roubles. And, certainly, the most part of this sum is necessary on Foreign trade and investment bank. It and is clear. Many Russians or have not understood choice system, or did not know, to whom to prefer, or have simply given up as lost all this invention, as a result of their money automatically pass in state company management. That, is how much effective an investment in state papers as private traders earn for the clients, is all a subject of separate conversation. We more than once analyzed this situation. Also we will continue it to do in the future. After all the volume of means of pension payments which go on financing of a memory part of labour pension in 2002 - 2014, will strongly increase. And, according to the Ministry of Finance of Russia, by the end of 2014 it will be already directly - taki the astronomical sum - more than 2,6 bln. roubles. And taking into account expected possible incomes - and all 3 bln. roubles.